DETAILED FEATURES

OVERVIEW

The MIP Personal Finance: Individual Life Insurance operational team (PFI) develops customer-centric, flexible, complete and end-to-end life cycle administration systems within the Individual Life Assurance, Wealth Management and Motor Vehicle Warranty & Maintenance spaces, which is focused on the end-customer.

The MIP Individual Life web-based solutions involves comprehensive front and back-end solutions; and covers all business capabilities from application stage to full integration with external systems, such as financial accounting, all on one platform. It supports a wide variety of life products and the framework is designed for configuration at many levels. The core life related business modules and functionality include:

Product Management

Sales Channels/Distribution Management

New Business Management

Commission Management

Billing & Collections Management

Maintenance/Client Services

Claims Management

3rd Party Payments

Month-end & Year-end Processes, etc.

EFFICIENCY AND COST-EFFECTIVENESS

Our streamlined policy processing is achieved through reduced paper, workflow management and shorter processing times for new business and changes.

There is no need for CRM (Customer Relationship Management) to access multiple systems to find the required information. Instead, all related information is logically grouped for quick review so that one can move easily from one area to another, by a single click. As a result, the management of an insurer’s business is made both efficient and cost effective.

By following user configurable business process definitions, the Personal Finance system automatically performs accurate activities for each type of policy at each stage of it's lifecycle. Furthermore, the real-time processing of all transactions ensures that one will not have to wait overnight for batch cycles and time- consuming follow-ups.

DIFFERENTIATION AND CONFIGURATION

In a saturated industry, you need to differentiate your products from your competitors and now this is economically feasible.

Flexible user-controlled product configuration is one of the key features that set the Personal Finance Individual system apart from most policy administration systems available today. With traditional systems, even the smallest changes needed to keep product lines current can take months to make. Within the Personal Finance Individual system, all product information is stored as data, so that product changes do not have to be coded. This is our way of ensuring that new product introduction results in a much faster time-to-market with minimal, if any, programming changes and no system downtime.

Another differentiator is the complete range of value added functionality that is available via MIP’s Core Digital Stack & Integration Services. The MIP PFI team extensively utilizes and is fully integrated with, these Core Digital Stack & Integration services as applied to individual life insurance solutions, and forms part of the SOA architecture on which MIP is built.

The combined comprehensive scope of both MIP’s PFI and Core Digital Stack, we believe, differentiates it from it's competitors.

FLEXIBILITY

You will benefit from our business experts who are empowered to implement system changes with ease, so that you will achieve new levels of responsiveness.

SPECIFIC BUSINESS FEATURES THAT ARE CATERED FOR BY THE PF SYSTEM

One-client record
A person only needs to be captured on the system once, despite having multiple roles (policyholder, beneficiary or life assured) and being on multiple policies. The person’s record shows personal details as well as all the policies on which the person is a role-player. An audit is also kept on all changes made.

Product Management

The system is easily customisable and configurable to suit your business needs, product rules and functionality.

Various internal and external Dynamic Decision & Business Rules Engine options exist to assist in managing the product and business.

OUR GOAL

Our goal is to align the MIP effort to assist you and your team to achieve your business goals, to partner and grow with you and your business. We achieve this by maintaining a comprehensive team of multiskilled people focused on your business needs.

Extensive client support and service: Dedicated Client Service Managers and Agile Experts to build lasting relationships and to ensure seamless day-to-day support and management.

Actuarial Resources: MIP employs actuarial resources who understand the insurance business, product workings and insurance legislation. This means the system is kept up to date to cater for industry developments and client needs. They assist with product development and general business consulting.

Extensive technical expertise: The MIP PFI system comes with great expertise in the form of technical architects and experienced developers, that are very knowledgeable in their field and have experience in insurance systems.

CONTACT US

If you wish to see a demo of the above features, please click on the link below and submit your contact details and we will contact you within 24 hours to setup a “face-to-face” demo with your relevant stakeholders.